WynnBET Joins Sportsbook Group in Virginia Awarded Betting License
- WynnBet becomes only the sixth sportsbook offered a license to launch in Virginia
- The organization has a founding partner relationship with NASCAR & both Virginia tracks
- VA sports wagering off to a hot start during its earliest days leading into March Madness
WynnBET continues to make progress into the United States landscape of sports betting operators by receiving their license in Virginia. This marks the tenth state to be added to the growing list of jurisdictions where WynnBET plans to launch.
They are currently available in New Jersey, Colorado, and Michigan. In addition, WynnBET has market access opportunities in Indiana, Iowa, Massachusetts, Nevada, Ohio, Tennessee, and now Virginia. Such market access and licensure are subject to legalization and required approvals by regulatory authorities in each jurisdiction.
Their new entry will make them the sixth operator to join the Old Dominion. It’s an impressive group that includes FanDuel, DraftKings Sportsbook, BetMGM, BetRivers, and William Hill. Legal online sports betting was first legalized in Virginia in April of 2020 and launched in January just before the Super Bowl this year.
Excited about the anticipated launch, Craig Billings, President of Wynn Resorts said:
We appreciated the confidence the Virginia Lottery has in our ability to deliver a world-class, online betting experience for the Commonwealth of Virginia. We value our close relationship with NASCAR and look forward to creating a new and exciting online betting offering for NASCAR fans.
The WynnBET Difference
Inspired by Wynn Resorts’ sophisticated brand experience, the WynnBET app offers an ultra-intuitive and highly responsive interface that delivers, appealing to both the most experienced sports bettors and beginners alike.
In conjunction with Wynn Resorts’ acquisition of BetBull in 2020, WynnBET was designed with highly social sports-betting technology and one-of-a-kind experiences, so that wagering and winning can be a celebrated and shared experience.
New members of WynnBET sportsbook can typically have their first bet matched as a free bet up to $1,000, however, the app is planning something special to potentially exceed that for the upcoming Virginia opening.
Sports Betting Off to a Big Start in Virginia
The Virginia Lottery published information last week that sports bettors wagered nearly $58.9 million during the first 11 days of online sports wagering. Within that total in January, the hold for the sportsbooks was $3.06 million, a (6.08%) figure matching projections.
However, as the combined operators provided $6.34 million in initial promotions and bonuses, accounting for more than $478,000 in deducted revenues, the adjusted gross revenue (GGR) was -$3.2 million.
In comparison, hot-starting Michigan collected $115.2 million in total handle from January 22 to the end of that month. Online sports betting operators raised $13.3 million in gross revenue. The state also collected $111,696 in tax proceeds.
The difference was that Michigan had eleven operators going live beginning operation compared to Virginia’s starting four in January.
Overall, it is difficult to make US state-by-state comparisons and judgments based on market size and mandated wagering rule differences.
For example, in Virginia, no sportsbooks are allowed to offer betting or odds on any state universities within the state. That eliminates wagering on popular teams like the Virginia Cavaliers and the Virginia Tech Hokies in the upcoming NCAA Men’s College Basketball Tournament later this month.
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Larry Gibbs is both a seasoned journalist and a respected online gaming industry consultant. His wry commentary & sharp analysis have appeared in numerous top gaming and sports wagering publications. He has also served as Vice President of US Gaming Services, a marketing research organization with 15 years of experience in US online wagering. He has spoken at noted gaming industry conferences including G2E, GiGSE, and NCLGS.
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